President Trump is planning “very important announcements” in the next day or 2 about reopening the US economy and is considering a “rolling” re-entry in certain parts of the country, White House economic adviser Larry Kudlow said Tuesday.
“I do not want to front-run his views, I don’t want to pre-announce anything this morning,” he said.
“It is a question of health, a question of safety, and a question of well being so that Main Street folks, middle-class, blue-collar folks, we want to get them back to work as soon as we safely can. I believe the country is ready to go back to work.”
The coronavirus pandemic “slammed the economy,” said Mr. Kudlow, adding that the nation will be in a “brief temporary contraction.”
The lockdown has triggered a small business ‘bloodbath’.
“There is no reason why when this pandemic passes, and we begin to reopen the economy in a safe manner, there is no reason we cannot begin quickly to rebuild and reignite the American economy and regenerate, if you will, the same kind of tremendous jobs and wages and prosperity that we had before,” said Mr. Kudlow. “I think we are going to see great economic numbers in the back end of the year.”
President Trump is considering a “rolling” re-entry, which is a strategy that Dr. Anthony Fauci has said he backs.
“We are hoping by the end of the month we can look around and say, ‘OK, is there any element here that we can safely and cautiously start pulling back on,'” Dr Fauci said Sunday. “If so, do it. If not, then just continue to hunker down.”
Tuesday, the major US stock market indexes finished at: DJIA +558.99 at 23949.76, NAS Comp +323.32 at 8515.74, S&P 500 +84.43 at 2846.06
Volume: Trade on the NYSE came in at 1.2-B/shares exchanged
- NAS Comp -5.1% YTD
- S&P 500 -11.9% YTD
- DJIA -16.1% YTD
- Russell 2000 -25.8% YTD
HeffX-LTN’s overall technical outlook on the major US stock market indexes has turned Bullish in here.
Looking Ahead: Investors will receive a the following reports Wednesday: Retail Sales for March, Industry Production and Capitalization Utilization for March, the Empire State Manufacturing Index for April, the NAHB Housing Market Index for April, the weekly MBA Mortgage Applications Index, Business Inventories for February, and Net Long-Term TIC Flows for February.
Have a happy healthy day, Keep the Faith!